Long Term Care Insurance Prices Drop for Men, Rise Slightly for Couples

A healthy 55-year-old man can expect to pay 15% less for long-term care insurance coverage compared to last year.  A married couple, both age-60, faces a 7% increase according to a report by the American Association for Long-Term Care Insurance (AALTCI). The average cost for a 55-year-old male purchasing $164,000 of long-term care insurance protection is $925 a year.  Equal coverage for a single woman costs $1,225.  Leading insurers began charging women higher premiums in 2013.  “Women account for two-thirds of the $6.6 billion in claims paid by insurers last year.

The study looks at a 60-year old couple each purchasing $164,000 of current protection that will grow to $730,000 combined when both reach age 80. It will pay an average of $3,840 yearly, a 3% increase over the prior year’s average.  Adding an inflation growth option builds your benefits over time, but it can double the base cost of coverage.

“Insurers offer a variety of discounts and options that can enable an individual to reduce the cost of protection. Today there are more choices available for consumers to protect against the very real risk of needing care explains Tracy Russo, Partner at The National LTC Education Center.  Russo notes that it’s best to plan in your mid-40s to mid-60s.

Costs for policy coverage vary significantly from one insurer to the next. The typical difference is around 80%, but, in certain cases, one insurer charged 109% more than another industry leader. For more information, visit www.aaltci.org

Last Updated 12/01/2021

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